Portland Mortgage Broker

I have been told that the Department of Housing and Urban Development expects to issue the new loan limits for Fannie Mae, Freddie Mac, and Federal Housing Administration loans by March 7. This will be huge news for the housing industry, as it updates antiquated FHA guidelines and will allow more expensive homes to qualify for cheaper FHA financing. In Portland and surrounding areas, the median home price is currently $319,900 but the FHA loan limit is $304,950. So, that means a buyer either needs to come in with $15k down (FHA loan limits are based on loan amount, not purchase price) or use a different, and probably more expensive product. Stay tuned for more on this great news!